Recapitulating Business Intelligence Technology
FREMONT, CA: Business intelligence (BI) is a vital factor for business growth and competitive advantage and reaping benefits from BI requires more than just enabling the technology that allows it. BI, at its most fundamental level, is about staying informed about how the business is performing. It makes decision making easy by presenting historical data that hints at future events. Having readily available performance data gives firms instant awareness of business and relieves people from the chore of regularly preparing performance reports.
BI provides a way for people to examine data to understand trends and then derive insights. BI tools streamline the approaches and processes, which people follow to search for obtaining the information they need to make the right business decisions. A company that wants to manage its supply chain better needs BI potentials to determine where delays are happening and where vulnerabilities exist within the processes. Companies could also use their BI capabilities to identify which products or which modes of transportation, are most commonly, delayed.
Firms today can choose from a list of vendors offering BI tools. The selection of BI platform is based, on various factors, including the size and complexity of their operations and the type of technology they already have. BI tools have emerged to be more intuitive and user-friendly, enabling a large number of users to tap the tools. Software vendors address the organizational demand for multiple capabilities by re-engineering their products to cover various functionalities within the platforms.
Although much of the hype is around big data and data analytics, BI is relevant for multiple reasons. The organization remains focused on maximizing their BI initiative before moving up to more advanced analytical capabilities. The market for BI tools will continue to grow, and the organization continues to add capabilities in different functional areas to stay in tandem with the growing demand. While BI fosters the best of its value, organizations cannot compete if they are not adopting it.